Despite the slowing prices, Aucklanders would still have a very hard time purchasing their first homes, according to income statistics.
An article from Newshub has shed light on a report from real estate statistics website One Roof, which suggests that first-home buyers in Auckland would need to be earning three times the median income (totalling $241,200) to comfortably afford mortgage repayments of 5.79% over 30 years. They also need to be able to save $248,607 for a 20% deposit.
Southland was the only region where the median income, $56,784, was enough to comfortably cover monthly mortgage repayments. Christchurch, Wellington, Waikato, Otago, Hawke's Bay, Whanganui and Taranaki could also comfortably afford mortgage repayments – but only if they were purchasing as a couple.
The publication also said that the prospects of purchasing a KiwiBuild home are slightly better, with the average three-bedroom KiwiBuild home in Auckland costing no more than $650,000.
Infometrics chief forecaster Gareth Kiernan, meanwhile, reportedly said that a bank would give a couple with an income of $90,800 a mortgage for a $650,000 house if they paid a 20% deposit. That income would need to be higher if a smaller deposit was paid.